Indeed, and this is strongly determined by the price. As long as bitcoin doesn't influence the price of electricity, the relationship between its electricity co

Indeed, and this is strongly determined by the price. As long as bitcoin doesn't influence the price of electricity, the relationship between its electricity consumption and price should be roughly linear. Meaning that if the price doubles, miners can afford to spend twice as much energy on proof-of-work in their competition to find blocks. We're already at a price level where miners could afford to spend on the order of 2% of the world's electricity consumption (assuming an electricity cost of $0.05/kWh [1]). If the price rise continues, then bitcoin will start to push electricity prices up. Electricity grids may even become strained. [1] https://www.wolframalpha.com/input/?i=%28%286.25+bitcoin+%2F+10+minutes%29+%2F+0.05+dollar%2Fkwh%29 https://www.wolframalpha.com/input/?i=%28%286.25+bitcoin+%2F...